1. Everyone and their mom launches an ETH treasury company. 2. Every treasuryco buys ETH. 3. ETH jams higher. 4. A high profile ETHco offering bellyflops. ETH has a 15% dd that’s way out of whack with other coins, QQQ 5. Now a bunch of new ETHcos are trading at 10%+ discounts to mNAV. 6. All of them sell ETH to “arbitrage their mNAV” 7. ETH craters another 20% as bid-side liquidity evaporates. 8. Oops, now our discount to mNAV is an even bigger arb opp! Let’s sell more of our ETH! …
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